Barclays Cuts Prologis (NYSE:PLD) Price Target to $135.00

Prologis (NYSE:PLD) had its price objective lowered by equities research analysts at Barclays from $141.00 to $135.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Barclays‘s target price would suggest a potential upside of 28.98% from the company’s current price.

Other analysts have also issued research reports about the stock. Morgan Stanley lifted their price target on shares of Prologis from $128.00 to $141.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. Evercore ISI restated an “in-line” rating and issued a $136.00 price target on shares of Prologis in a research note on Monday, March 18th. Royal Bank of Canada lifted their price target on shares of Prologis from $128.00 to $145.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. Robert W. Baird lifted their price target on shares of Prologis from $133.00 to $137.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 23rd. Finally, Mizuho restated a “neutral” rating and issued a $130.00 price target on shares of Prologis in a research note on Tuesday, April 2nd. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $140.00.

Prologis Trading Down 1.7 %

PLD opened at $104.67 on Wednesday. The firm has a market capitalization of $96.82 billion, a P/E ratio of 31.81, a P/E/G ratio of 2.29 and a beta of 1.00. The firm’s 50 day moving average is $128.45 and its 200-day moving average is $122.07. Prologis has a 52-week low of $96.64 and a 52-week high of $137.52. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.50.

Prologis (NYSE:PLD) last posted its quarterly earnings data on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.58). The firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Prologis had a net margin of 38.13% and a return on equity of 5.29%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.24 EPS. Analysts expect that Prologis will post 5.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Prologis

Several hedge funds and other institutional investors have recently modified their holdings of the company. Naviter Wealth LLC boosted its holdings in shares of Prologis by 14.3% during the first quarter. Naviter Wealth LLC now owns 68,765 shares of the real estate investment trust’s stock valued at $8,955,000 after acquiring an additional 8,599 shares during the period. InTrack Investment Management Inc boosted its holdings in shares of Prologis by 36.9% during the first quarter. InTrack Investment Management Inc now owns 6,028 shares of the real estate investment trust’s stock valued at $785,000 after acquiring an additional 1,626 shares during the period. Cullinan Associates Inc. boosted its holdings in shares of Prologis by 197.2% during the first quarter. Cullinan Associates Inc. now owns 91,951 shares of the real estate investment trust’s stock valued at $11,974,000 after acquiring an additional 61,010 shares during the period. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Prologis by 38.0% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,099,029 shares of the real estate investment trust’s stock valued at $143,116,000 after acquiring an additional 302,725 shares during the period. Finally, Colton Groome Financial Advisors LLC boosted its holdings in shares of Prologis by 1.3% during the first quarter. Colton Groome Financial Advisors LLC now owns 11,047 shares of the real estate investment trust’s stock valued at $1,439,000 after acquiring an additional 137 shares during the period. Institutional investors and hedge funds own 93.50% of the company’s stock.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.